PS - these drops are what I dream of. At 7:43am Got in GBP/JPY @ 160.94. Was getting coffee at 7:20am. UGH! Had another limit to but @ 160.60 but never hit again after that. Moving my stop up. I’m good to go. NB
Welcome to Babypips
Sorry, whom do you refer too???
Hi again. Just stopped out of GBP/JPY at 8:44 am, 161.75. In at 160.94. I’m good. NB
Sorry, refering to Clints charts.
That’s what I say, sometimes, but then, a blind chicken finds a corn too. 
What a day and what a lesson. I’m trading this system in a set-and-forget manner and placed buy and sell orders this morning with SL=24p, TP1=12p, TP2=20p. The news had hit my sell order and slipped that much that the conditional OCO order taking care for SL and TP got cancelled. So the trade had been left loose without any babysitters, which I had not taken into consideration. When I got back to my charts I had nothing to do than close the trade and book a profit that was 7 times more than what I was asking for. I’m happy that it was this way this time. It could have been the opposite. If I had used a wider TP, then the OCO order would have perhaps not been cancelled and I would still have scored a profit. Maybe it is better to scale down the trade size on news days, or stay completely away. This time it was not skill. It was luck.
Nothing blind about it. I may be new to BabyPips, but have been doing this for a while. I’m Back in GBP/JPY @ 10:20, 160.47. Stopped out of EUR/JPY with only 5 pips. I’m serious about my stops, who isn’t. But no blind chicken here. Experience, experience, experience. Just simple, the indicators will tell you along with the time of day, support, news, planets, tea leaves, etc…
NB
+46 pips for the week. I’m gonna call it quits there.
I’m thinking that the few days before official reports like MPC and bank rate are always gonna be slow so we shouldn’t trade these in future. The price action was ridiculous the last 2 days
Have a good weekend all.
That could have been messy!
Very low volume at the moment and all very slow moving, just 12 pips to go for my planed entry, to early to trade the setup. Have to wait. Darn, there goes my beautysleep.
I’ve tried setting up my trades early and lost more than I won
Thursday/Friday Overview:
The 5-minute chart shows last night’s failed breakout, Thursday’s reaction to the BoE rate decision, and tonight’s relatively tight consolidation range (67 pips, as of 10:45pm EDT).
The Bank of England interest rate decision was the trigger which released a lot of pent-up breakout pressure.
Early Friday morning, when Frankfurt and/or London open, we could see similar action: the GU’s next move could be postponed for 5 or 6 hours, while the market waits to see what the U.S. Non-Farm Payroll Report will bring.
If that happens, should you keep your Breakout entry orders open, hoping to catch a ride on NFP, like the ride that some caught on the rate decision? As I said at 5am (New York) Thursday morning, if you play that game, you are trading the news.
The most dangerous news release to trade is NFP. Unlike the beautiful, straight drop which the BoE rate decision triggered Thursday morning, the NFP report is likely to produce violent whip-saws. Do not expect to trade NFP as if it were one big, juicy breakout. It can put you through the meat-grinder in a matter of seconds.
Resistance and Support for this morning:
R 1.6910 Thursday, on the 12:40 GMT candle
R 1.6900
R 1.6868 Thursday, on the 13:35 GMT candle
R 1.6850
S 1.6732 Friday 7/31, on the 16:30 GMT candle
S 1.6704 Monday 8/3, on the 05:35 GMT candle
S 1.6694 Monday 8/3, on the 07:00 GMT candle
S 1.6683 Friday 7/31, on the 18:55 GMT candle
S 1.6650
The four resistance levels listed above are shown as the boxed-in resistance areas on the chart.
More later.
Clint
I’ve got the same range boundaries as you Clint within a pip, set up my orders 6 pips beyond the range with
TP 14 pips, and sl 24 pips
just waiting on Oanda now to go live.
My Entry Orders for this morning:
I will trade tonight’s set-up just like any other night. My usual drill is to enter long at the High + 9 pips, and enter short at the
LOW - 6 pips, and that’s what I’ll do this morning.
British PPI (Producer Price Index) numbers will be released at 4:30am EDT. If there is no breakout by 5am EDT (09:00 GMT,
10am London), I will close my open entry orders, and watch NFP as a spectator.
Tonight’s set-up: HIGH 1.6812 Bid. LOW 1.6745 Bid.
My orders:
BUY 1.6821, SL(30) 1.6791, TP(20) 1.6841
SELL 1.6739, SL(30) 1.6769, TP(20) 1.6719
If you are new to live trading, do not attempt to trade the NFP report in your live account.
Good luck, this morning.
Clint
p.s. —
Why is the NFP report such a big deal? Well, I hate to say it, but… Americans are the world’s most reckless spenders.
We will buy anything and everything, whether we have the money or not. Consumers are two-thirds of the American economy.
The NFP is actually called Change in Non-Farm Payrolls, and it measures how many paychecks (excluding farmers) have been created or destroyed since last month. As such, it’s the best measure of whether the world’s most reckless spenders will have more or less money to spend recklessly on the stuff the world exports to us.
I realize that was a highly technical explanation, but — what can I say? — economics is complicated stuff.
im out at 10 pips profit
2 reason’s
i didnt like the price action
and i gotta go out in half an hour
good luck all of those who are still in
I am also out, in at 1.6740 out at 1.6729 (11 pips) pulled the trigger at 1.6725 but priced jumped right then up (5 for 6 109 pips).Have a great weekend everybody.
just out of intrest how much are you betting per pip or should i say lots size
Iam using units on Oanda risking 1500 units per trade on a 100 thousand capital. (Demo) At 25-1 margin ratio 1.oo usd equals 14 units.
I’m out too. Exited manually on the 4:25am EDT candle (08:25 GMT), just before the PPI news was released.
My TP(20) was too ambitious, so I had to settle for less. The post-news reaction would have hit my TP, if I had stayed in —
but that would have been a gamble. The news could just as easily have driven the price hard in the other direction.
Half of my price-target is better than none, and way better than a loss.
Anybody planning to trade NFP?
Clint
since im back i always get excited on NFP but very rarely trade it
i might try a short at 5 pips below this mornings lows with my finger on the close trade button if it dosnt look sweet, there might be enought momentum downwards to have a stab at it
but i have to be honest i think i might just call it a week a just be a by stander